New Patriotic Party (NPP) stalwart, Gabby Asare Otchere-Darko has said that the government was compelled to seek a bailout at the International Monetary Fund (IMF).
According to him, the government was left with no choice as policies it proposed, including the E-Levy that could possibly have brought practical solutions to the country’s current debt distress, were frustrated either by the public or minority members in parliament.
Speaking on Joynews’ Newsfile program on Saturday, June 2, 2022, Gabby said that though he is not very positive about the move for an IMF bailout, he believes it is the government’s last resort.
“Yes, there were challenges, yes government came with its policies to see how to address those challenges and those policies were frustrated by the very parliament that we have.
“I am not too optimistic about why we are in the IMF, it is unfortunate that we were forced there because the policies that were brought did not get the support that it required so it had actually no option,” he added.
According to Mr. Otchere-Darko, the decision to seek help from the IMF was taken by the government as a necessary move to avoid any further burden on the country’s reserves among others.
“..We are in a difficulty but if you are in government and even if we don’t decide to go to the IMF, but you are put in a situation where your avenues of raising revenue are being closed, whether through parliamentary action or public rejection, then you will have to tackle it,” he said.
Adding, “The IMF may not necessarily bring us money but it could stop a run on our reserves, stops a run on your bonds, and I think if we have that stability over the next 15 months, I believe that the country will see a turnaround.”
Gabby’s comments come on the back of President Nana Addo Dankwa Akufo-Addo’s recent directive to the Finance Minister to commence official engagements with the International Monetary Fund (IMF).
In a statement issued by the Minister of Information, Kojo Oppong Nkrumah on Friday, July 1, 2022, the finance minister was instructed by the president to seek IMF’s support for an economic programme put together by the government of Ghana.
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